The tax dispute involving Colour Delight Developers Pvt. Ltd. for the assessment year 2014-15 saw a pivotal development on September 28, 2021. The case, marked as ITA No.561/DEL/2019, was brought before the Income Tax Appellate Tribunal, Delhi Bench ‘B’.
The company faced scrutiny from the ITO, Ward-6(2), New Delhi, resulting in an appeal against the order dated November 26, 2018, by the Commissioner of Income-Tax (Appeals), New Delhi. The proceedings highlighted key fiscal assessments and legal stances pertinent to the assessment year in question.
During the proceedings, which were conducted via video conferencing, the counsel for Colour Delight Developers Pvt. Ltd. informed the bench that the company had opted to settle the matter under the Vivad Se Vishwas Scheme, 2020. This scheme is designed to provide a mechanism for the resolution of pending tax disputes within the framework of the Income Tax Act, 1961. Following the submission of Form No.3, confirming the settlement under the scheme, the company requested permission to withdraw the appeal.
The bench, presided over by Shri Amit Shukla, Judicial Member, and Shri Prashant Maharishi, Accountant Member, accepted the withdrawal, thereby dismissing the appeal. This resolution marked the end of the litigation for the year in question, highlighting the effectiveness of the Vivad Se Vishwas Scheme as a strategic tool for resolving tax disputes.
This case serves as a significant example of how tax disputes can be amicably resolved through government schemes, thereby avoiding prolonged litigation and fostering a cooperative approach between taxpayers and the tax authorities.
Tax Resolution for Colour Delight Developers Pvt. Ltd. for AY 2014-15
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